2026 年 01 月 07 日 联美控股(600167.SH) 供热主业稳定，氢能布局未来 清洁供热+高铁传媒双轮驱动，业绩稳健，连续多年高比例分红。 公司前身为沈阳新开，2008 年更名为联美控股，2016 年完成资产并 购重组，并入沈阳新北热电、国惠环保，增加了发电蒸汽供应业务， 进一步扩大了公司业务规模。2018 年收购高铁媒体数字运营商兆讯 传媒 100%股权，2022 年兆讯传媒成功分拆上市。截至目前，公司形 成"清洁供热+高铁数字媒体"双主业格局。2018-2020 年，公司营收实 现稳定增长，从 30.37 亿元增长至 35.98 亿元，复合增长率为 8.8%， 归母净利润从 13.17 亿元增加至 16.85 亿元，CAGR 为 13.14%。2020- 2024 年，受到地产周期影响，公司新增供热面积增长趋缓，营收维持 在 35 亿元左右，2024 年公司实现净利润 6.59 亿元，同比下滑 23.29%， 主要系计提子公司福林热力减值损失影响。公司多年来维持较高分红 比例，2022-2024 年分红金额分别为 4.75/4.47/7.11 亿元，分红比 例达 50.26%、52.02%、 ...

Group 1 - The stock of Lianmei Holdings, a leading company in the clean heating sector, reached its daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board [1] - Lianmei Holdings focuses on clean heating and high-speed rail digital media, utilizing national-level demonstration technologies to create an efficient energy service system [2] - The company has subsidiaries recognized as national high-tech enterprises, and its self-developed smart heating platform significantly reduces labor demand and enhances energy efficiency [2] Group 2 - Lianmei Holdings' high-speed rail media business operates under its subsidiary Zhaoxun Media, covering 509 railway stations across 31 provincial-level regions in China [4] - The company has established a nationwide outdoor communication network with 5,310 high-definition digital media displays [4] - Lianmei Holdings is also planning to develop an independent hydrogen energy division, starting with green hydrogen production and extending to hydrogen refueling station operations [4]

Core Insights - The collaboration between Huixuan Booking and Zhaoxun Media is seen as a pivotal move for Huixuan Booking to transition from a disruptive player to a leading force in the hotel industry, marking a rare bold investment during a capital winter [3][4] - The partnership aims to leverage high-speed rail advertising to penetrate lower-tier markets while competing with established online travel agencies (OTAs) in first and second-tier cities [10][11] Group 1: Business Model and Strategy - Huixuan Booking adopts a C2B model similar to Priceline's "Name Your Price," allowing users to set their price while hotels bid for bookings, addressing the issue of low occupancy rates in China's hotel industry [5][6] - The company has already secured a strategic investment of 30 million yuan from Shanghai Muwang Capital within just 50 days of its launch, indicating strong market interest [6][10] - The partnership with Zhaoxun Media, a leader in high-speed rail digital media, is expected to enhance Huixuan Booking's visibility and reach, targeting 30,000 hotels and 10 million users by 2025 [10][11] Group 2: Market Dynamics and Impact - The collaboration is positioned as a challenge to traditional OTA business models, which often force hotels to offer the lowest prices, thereby diminishing their profitability [11][12] - Huixuan Booking's "black box trading" model allows hotels to maintain their pricing structure while maximizing revenue from unsold rooms, creating a win-win situation for both consumers and hotels [11][12] - The initiative is seen as a potential catalyst for the digital transformation of the hospitality industry, providing more choices for consumers and optimizing the booking ecosystem [12][14]